Banknifty trendline AnalysisShort below 46020 after candle break trendline on 5 min timeframe
Buy above 46265 candle close above the immediate swing resistance
Bankniftytrendanalysis
Banknifty daily analysis for 20/07/23.An Inside candle has been formed on the daily chart and a dragon fly doji has been formed.
Market closed gaining 260 points. There was a gap up and a profit booking took market down.
Supports are nearby and the market is still in the bullish move.
On the hourly chart, a V shape recovery was there. And it is trading above the moving averages.
Today option buyer might have red PnL.
Support :- 45470, 45350
Resistance :- 45690, 45850
Tomorrow is weekly expiry and if market gives a breakout around 12:30, its likely to carry on.
Wait for the price action near the levels before entering the market.
17 Jul '23 Post Mortem on BankNifty up 826pts b/w 12.45 to 15.20The real move on banknifty came after HDFCBK declared its results i.e after 12.45. Till then it was happy to trade in a flattish manner. The opening 4 x 5mts candle was interesting, but the downside was also limited as there was no real selling pressure.
Once the HDFCBK results were out, banknifty started surging. Even other banks also joined the party. We went up 826pts ~ 1.85% between 12.45 to 15.20. Once it crossed the 45000 level - it was like it found some additional firepower.
Most of them would have missed the counterbalance move in NiftyIT. It fell over 2.26% ~ 715pts during the period when banknifty was gaining. This might be to keep nifty50 in a tight range.
On Friday we discussed how the breakout from the bearish trend line would give banknifty momentum. Today was an example of that, even though enticing - I did not build up long position in banknifty today. Thought will reserve the funds for the FinNifty expiry tomorrow.
[INTRADAY] #BANKNIFTY PE & CE Levels(12/07/2023) Today will be gap up opening in BANKNIFTY . After opening if banknifty sustain above 44550 level then possible upside rally of 400-500 points upto 44950 Level. And this rally can extend for another 400 points if it gives breakout of 45050 level. Any Major downside only expected in case banknifty starts trading below 44450 level. also possible Reversal Downside 44950 level.
10 Jul '23 Post Mortem on BankNiftyBanknifty on the other hand was not at all bullish. Even though we had a rally from open to 09.50 - there was no motivation to go long.
The 2 horizontal blue lines drawn depicts the gap BN had earlier. Today's session ensured that is closed which might even open up further downward moves.
I am not quite sure how HDFCBK pricing & index weight re-configuration will affect after the delisting of HDFC on 13 Jul. My first marked support level is at 44068 which is quite far from the current traded level.
You might remember the breakout rally mostly came as gap-ups mainly spear headed by HDFCBk. Assuming there will be some jitter once the delisting of HDFC happens. I thought just to wait out for some clarity before building up positions on banknifty.
#Banknifty"Good morning! As of June 26th, the same sentiment continues; there is no significant difference compared to the last session. The global market is showing a neutral to slightly positive start with a moderately bearish market sentiment. There is a possibility of a slight gap-up opening. If the market experiences a pullback afterward, we can expect a minor pullback to reach the immediate resistance zone. If the market turns around there, we can anticipate a correction. Alternatively, if it breaks, we can expect a pullback continuation. On the other hand, if the initial market decline is sharp, the correction will likely continue with minor pullbacks."
#banknifty"Good morning! As of June 20th, the global market is showing a negative start with moderately bearish market sentiment. It is possible that the market might open with a gap-down. If it rejects the immediate support zone after the gap-down, we can anticipate a minimum of a 61% to 78% Fib pullback wave. However, if the gap-down sustains, the correction is likely to continue."
banknifty 19th june 2023Banknifty has trendline resistance at 44044 level and it has support trendline at 43596 level.
Buy above 44044 target 44219, 44434
sell below 43850 target 43727, 43599
Banknifty daily analysis for 07/06/23.Banknifty remained above 44k whole day and during the last hour gained some points giving close above 44150.
Market consolidated for 4 hours and gave a nice break out.
DJI seems to be flat till now and there can a chance of a bullish break out as the market has closed. Watch the global markets in market to get a clear view and trend of the market.
On the hourly charts, the market closed above both the moving averages and is near a resistance zone of 44250.
Support :- 44050, 43850
Resistance :- 44260, 44450
Currently, the market is trading in a range and break out can give nice target.
Wait for the price action near the levels before entering the market.
#BANKNIFTY - CUR n Handle formation#BANKNIFTY - CUR n Handle formation - if breaks above it then Good BULL Move expected for next 3-4 months.
BankNifty Tweezer Top formation on Daily ChartsBank Nifty making tweezer Top on daily charts it play its role below 44155 levels & most important today closing should have to be flat & tomorrow Bank Nifty should trade below 44155 levels & close below 44000 then one quick move will be there if close above high of these 2 candles then it not valid to trade tweezer Top. Thank you all
Bank Nifty Intraday LevelsBank Nifty is still in symmetrical triangle pattern, buying opportunity on lower levels, keep an eye on breakdown and breakout levels, this is my view on Bank Nifty only for educational purpose, tell me your views in comments
banknifty 24th may rising wedge and double top bank nifty is forming rising wedge pattern (blank line) and double top (M) green line and there is a strong support trendline. If the support trendline is broken at 43888 level then possibility of reaching 43333 is high. if it takes support at 43888 level then market might retest and try to break all-time high.
Don't be bullish or bearish trade with the market direction.
Buy above 440057(43900 CE) Target 44132,44282,44410,44550.
Sell below 43766 (43800 PE) Target 43579,43465, 43333.
#Banknifty"Good morning! As of May 16th, today's sentiment remains the same with no significant difference compared to the last trading session. However, the global market has shown a positive start with a moderately bullish nature. There may be a gap-up at the beginning, and if it sustains, we can expect a continuation of the rally with minor consolidation, but it should break the immediate resistance level. On the other hand, if the market declines sharply at the start, we can expect a correction. If you want confirmation, you can use EMA20 and fib. If the market breaks EMA20 and the fib level of 38%, that's a sign of a trend reversal."
PostMortem on BankNifty Today & Analysis of 12 MAY 2023Another surprise today with 300pts ~ 0.69% move from 13.30 to 14.40, came at a time when no one really expected. Karnataka election results tomorrow and most traders would have anticipated we close the day subdued.
The lower than expected CPI data of 4.7% would have leaked with few big-boys and they would have ended up loading the banks because from how I see it NSE:NIFTY only rallied 46pts in the same period.
Lower inflation is good for the banks? I thought higher inflation translating to higher interest rate was good for the banks - guess I will have to spend more time reading some articles on this.
NSE:BANKNIFTY & NSE:NIFTY are diverging in today's chart pattern, mostly because the NiftyIT was underperforming. Banknifty has made a higher high and the next swing could even reach up to the ATH. Nifty50 on the other hand has 2 more resistances to go.
This divergence is not good and does not make sense, one of them has to catch up for a broad-based trend. If banknifty takes out the ATH with the Nifty50 flat - it wont end well.
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Today's open was in line and then we had a gradual grind up till 13.30. From there it was a sling shot to take out the swing high of 4th May & 11th May. Since the final close was above both - we can safely assume that level is crossed.
All 6 major banks participated in the rally from 13.30 to 14.40 - this unison is usually unusual. I do not really understand why would big-boys take an opposite position to the global trends in this weekend. Are they assuming that the Ruling party will win in Karnataka?
Elections definitely moves the market, if the ruling party wins again - markets will like it. Who would not want stability and regime continuation. If this argument is correct - why was NSE:NIFTY not participating? What extra did the financial institutions had that the other top corporates did not?
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15mts shows the higher-high and higher-low formation, the trend continues. Since we have taken out the recent swing high, the next level to watch is the all time highs.
Before that the markets will be excited to see the election results on 13th May. Looking at the options data, lot of credit spreads were written at the PE side meaning more players expecting further upside movements.
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1hr shows an awkward shaped W type formation, since the slope is upwards the double bottom is not horizontal but having the same degree of slope as the trend.
It also makes sense to bring up the 1D chart as the ATH is just 270 to 300pts away ~ less than 0.7%. Is that not amazing, banknifty vs nifty50 - guess who the real champion is?
#Banknifty"Good morning! As of May 11th, the global market has shown a positive start, with a moderately bullish nature. It may begin with a gap-up, and if the gap-up sustains, we can expect a continuation of the rally with minor consolidation. On the other hand, if the market declines sharply at the start or rejects the immediate resistance zone, that's a sign of a reversal. However, it should break the Fib level of 38%."
#Banknifty"Good morning. As of May 9th, the global market has shown a slightly neutral to negative start, but the market is currently moderately bullish in nature. We may see a small gap-down at the start; after that, if there is a sharp pullback, the rally will continue. On the other hand, if the gap-down sustains, we could expect a minor correction with a three-wave structure. If the market declines sharply at the start and breaks the fib level of 38%, then we can expect 78% to swing low."
#Banknifty"Good morning. As of May 8th, the global market has shown a slightly neutral to positive start, but the market nature is bearish. We may see a small gap-up at the start, and if it sustains, we could expect a minor pullback. If it reaches the key zone, we can expect correction continuation. Alternatively, if it sustains around the key zone, that's a sign of a range market or rally continuation. On the other hand, if the market declines sharply at the start, the correction will continue with a minor pullback."
#Banknifty"Good morning, as of May 5th, the global market is showing a slight negative trend, but with a bullish sentiment. We may see a small gap-down at the start, but if the market exceeds yesterday's high, it could signal a continuation of the rally. However, if the gap-down persists and breaks below the 38% Fib level, we can expect a correction."
#Banknifty"Today, May 4th, the global market is indicating a negative start with a moderately bullish market sentiment. It may begin with a gap-down. Structurally, there is a range-bound market, so we will wait for the range breakout. The high probability is a downside breakout, and I have given two variations, both describing sub-wave 5th. Once the 5th is finished, we could expect a minor pullback. On the other hand, if the market takes a pullback without breaking yesterday's low, that's a sign of rally continuation."
#Banknifty"Today, May 2nd, the global market is indicating a positive start with a bullish market sentiment. It may begin with a gap-up. After that, if the market sustains, we can expect a continuation of the rally with minor consolidation. On the other hand, the initial market might be rejected, but structurally it shouldn't lead to a big correction. We can expect a minimum correction of 23% to 38%. If it breaks 38%, then we will wait for good confirmation before initiating a short sell."
#Banknifty"Today, April 28th, the global market is indicating a positive start with moderately bullish market sentiment. It may begin with a gap-up, but if it doesn't sustain, we can expect a correctional wave of at least 23% to 38%. Alternatively, if the gap-up does sustain, we can expect a continuation of the rally with minor consolidation."
